Thinking of buying your first home? Thinking of helping your children buy their first home? Here's what you're up against in London.
Estate agent eMoov.co.uk has released the average house price for first-time buyers in every London borough – and it's not very encouraging.
On average first-time buyers spend £462,602 in London, compared to the national average of £196,000.
The price-tag for first-time buyers in London has shot into the stratosphere in recent years, jumping 54 per cent since 2012.
Barking and Dagenham is the most affordable borough, with first-time buyer homes averaging £281,000. First-time buyers have to fork out a jaw-dropping £1.1m to live in Kensington and Chelsea.
Estate agents are starting to struggle to sustain sales in such a heated market – especially as Brexit is causing buyers to take a step back and consider their big-ticket purchases more carefully. Foxtons announced a seven per cent fall in sales revenue today; transaction volumes at the London-focussed estate agent fell 10.2 per cent.
If you're worrying about how to sell you're property after the Brexit vote – or if you're looking to buy – here's everything you need to know about the UK housing market since the EU referendum.
Founder and CEO of eMoov.co.uk, Russell Quirk, said: "First-time buyers are paying almost as much as second and third steppers in actual price terms yet the percentage increase in first-time buyer properties is tracking at even greater than regular house prices.
"It really does highlight the issue facing the nation's next generation of aspirational homeowners.
"How the government can expect anyone to get on in life when the first hurdle they face is all but unobtainable, to begin with, is beyond me, especially in London."